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1
GFNORTE 2Q09 Results
Conference CallJuly 24, 2009.
2
Yearly Recap GFNorte
Past Due Loan Ratio 1.5% 2.6%
1S09
Net Income
Capitalization Ratio
Book Value Per Share
1S08
3,735
Net Interest Margin
(22%)
15.7%
18.12
7.6%
19.30
4.4%*
2,923
15.6%
Million Pesos
ROE 21.8% 15.2%
ROA 2.5% 1.0%*
Efficiency 53.9% 52.3%
Coverage Ratio 131% 102%
Liquidity Ratio 55.9% 63.1%
7%
Recurring Net Income 3,396 (14%) 2,923
* Includes repos reclassified as balance sheet assets.
3
Income StatementMILLION PESOS
Net Interest Income
Service Fees
Recovery
Non Interest Income
Total Income
Non Interest Expense
Net Operating Income
Income Tax
Net Income
Provisions
Subs & Minority Interest
FX & Trading
QoQ YoY1Q092Q08 2Q09
Non Operating Income, Net
6,199
1,465
138
2,070
8,269
(4,341)
3,928
425
(574)
1,611
(2,162)
(6)
1,611
242
Recurring Net Income
5,225
1,695
117
159
-
1,971
7,196
(3,903)
3,293
576
(751)
1,806
(1,255)
(57)
1,742
Other Income and Expense 226
1,454
164
157
147
1,922
7,760
(4,037)
3,723
193
(429)
1,312
(2,188)
14
5,838
1,312
12%
(14%)
40%
(1%)
100%
(2%)
8%
3%
13%
(66%)
(43%)
(27%)
74%
(125%)
(27%)
(6%)
(1%)
19%
(35%)
(35%)
(7%)
(6%)
(7%)
(5%)
(55%)
(25%)
(19%)
1%
(333%)
(25%)
4
Non Interest Expense
BILLION PESOS
EFFICIENCY RATIO
Total Income
2Q08
7.2
2Q09
7.8
Non Interest Expense 3.9 4.0
54%
2Q08
53%
1Q09
8%
3%
YoYQoQ1Q09
8.3
4.3
(6%)
(7%)
52%
2Q09
5
Deposits
Demand
Time
Total
2Q09
124
83
265
Core Deposits 207
Money Market 59
BILLION PESOS
QoQChange
YoY
16%
29%
20%
21%
16%
3%
1%
4%
2%
11%
1Q09
120
82
255
203
53
2Q08
107
64
221
171
50
6
BILLION PESOS
Performing Loan Portfolio
2Q08 1Q09 2Q09 YoYChange
QoQ
2Q08 1Q09 2Q09
217235 235
Commercial 10%(3%)
Corporate 0%(2%)
Government 31%12%
Total 8%0%
Consumer 4%(1%)
86
43
32
235
74
89
44
29
235
74
79
43
24
217
71
7
Performing Consumer Loan PortfolioBILLION PESOS
Consumer
Car
Credit Card
Payroll / Personal
Mortgage
2Q08 1Q09 2Q09 YoYChange
QoQ
2Q08 1Q09 2Q09
7174 74
(2%)(2%)
(20%)(7%)
(4%)(1%)
4%(1%)
17%2%
7
13
6
74
47
8
14
6
74
46
8
16
7
71
40
Loans to Deposits Ratio
TOTAL LOANS /TOTAL DEPOSITS
103%
1Q08
99%
2Q08
97%
3Q08
8
93%
4Q08
92%
1Q09
88%
2Q09
9
Asset Quality
Past Due Loans
Loan Loss Reserves
RESERVECOVERAGE RATIO
PAST DUE LOANRATIO
Total Loan Portfolio
BILLION PESOS
2Q08 1Q09 2Q09
102%
131%
109%
2Q08 1Q09 2Q09
2.6%
1.5%
2.3%
2Q08 1Q09 2Q09
3.2
4.2
220
6.3
6.4
238
5.6
6.1
239
10
Provisions
As a % of Average Gross Loans
2.4%
2Q08
3.6%
2Q09
3.6%
1Q09
11
Past Due Loans
Payroll
Car
Mortgage
Credit Cards
Commercial
Corporate
Government
11
2Q08
2.3%
1.9%
1.5%
6.7%
1Q09 2Q09
13.6%
2.9%
2.5%
1.5%
0%
0%
1.7%
2.6%
0%
0%
14.4%
3.0%
3.0%
1.9%
3.4%
0%
0.1%
12
Capitalization
Tier 1
Tier 2
TOTAL
% Tier 1
12
2Q08 1Q09 2Q09
10.7%
5.0%
15.7%
68%
9.7%
4.9%
14.6%
66%
10.7%
4.9%
15.6%
69%
13
IFC’s Investment in Banorte
IFC is a member of the World Bank Group.
Promotes sustainable economic growth in emerging markets.
Characteristics:
IFC will have an equity stake in Banco Mercantil del Norte.
Banorte’s Board of Directors has approved the investment.
Approval by IFC’s Board and the Mexican authorities is still pending.
Long term investment.
Benefits:
Increase Banorte’s Tier 1 ratio.
Banorte and IFC will collaborate in various expansion programs.
Leverage IFC’s expertise in social responsibility, corporate practices
and environmental protection.
Subsidiaries
14
Recovery Bank
Net Income
MILLION PESOS
AUMBILLION PESOS
2Q092Q08
Banorte’s Assets
Acquired Assets
%
Investment Projects
Total
IPAB
15
1H08
318
1H09
219
38.7
19.2
32.0
28.9
(18%)
50%
2.6 3.2 22%
62.0 66.0 6%
1.4 1.5 6%
Long Term Savings
NET INCOME IN MILLION PESOS
AFORE INSURANCEANNUITIES
Total
16
2Q08
64
2Q09
61
6
2Q08
22
2Q09
0
2Q08(4)
2Q09
58
2Q08
43
2Q09
17
Afore IXE client portfolio acquisition.
Transfer of 312,489 clients.
Ps 5.4 billion in AUM, nearly 10% of Afore Banorte-Generali’s AUMs.
Afore Ahorra Ahora client portfolio acquisition.
Transfer of 367,660 clients.
Ps $1.14 billion in AUM, 1.86% of Afore Banorte-Generali’s AUMs.
Through these acquisitions, Banorte becomes the 4th largest player in
terms of accounts managed.
Retirement Pension FundAcquisition Strategies
Subsidiaries
BROKER DEALER LEASING AND FACTORING
NET INCOME IN MILLION PESOS
WAREHOUSING
18
78
2Q08
106
2Q09
7
2Q08
7
2Q09
143
2Q08
32
2Q09
19
Inter National Bank
Net Income
Loan Loss Reserves
MILLION DOLLARS IN US GAAP
Change2Q08 2Q09
Net Interest Income
Non Interest Income
Total Income
Non Interest Expense
Demand Deposits
Performing Loans
Past Due Loans
Time Deposits
6.0
2.2
(150%)
482%
16.3 (16%)
3.7 11%
20.0 (11%)
8.7 12%
707 3%
1,018 7%
13.5 321%
713 35%
(3.0)
12.8
13.6
4.1
17.8
9.8
730
1,086
56.9
964
20
Financial Ratios(%)
Reserve Coverage
PDL Ratio
Change2Q08
96.6
1.3
2Q09
37.4
4.9
(59.2 pp)
3.6 pp
MIN 4.2 3.3 (0.9 pp)
ROE 18.7 (4.6) (23.3 pp)
ROA 1.4 (0.6) (2.0 pp)
Efficiency 43.7 55.2 11.4 pp
Capitalization Ratio 11.6 14.1 2.5 pp
Tier 1 Capital 8.2 7.8 (0.4 pp)
Inter National Bank
21